Buying a Foreclosed Home in Sumter, SC Part 3 - Home Inspections

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Real Estate Agent with AgentOwned Realty, Heritage Group, Inc.

Buying a Foreclosed Home in Sumter, SC Part 3

Home Inspections

 

Buying a Foreclosed Home in Sumter, SC Part Three the Crawl SpaceLast week the posts were about making the offer and then accepting the counter offer from Fannie Mae.  Moving forward in the buying process is the ten days inspection period.  During this inspection period, the buyer may have the property inspected for any of the types of inspections listed below.  Since this is a foreclosure the buyer is responsible for all the inspection costs. 

 

·     Termites and other Wood Infestations – very important in South Carolina and required by most lenders.  For an investor, just a great idea before you close on the house and realize the termites have been snacking on the wood.

·        Licensed Home Inspector – The home inspector will look at structural components, electrical system, plumbing systems, appliances, heat and air system, safety hazards and other miscellaneous items. 

·        Appraisals- will be required if financing the property with a mortgage.  If you are paying cash, either an appraisal or knowing the market in the area.  Yes, a real estate agent can help but they are not the final word the way an appraiser would be. 

·       Survey – review of the plat and property can be done by a surveyor to make sure there are no encroachments on the property (the neighbor borrowing a piece of the property) or you borrowing a piece of the neighbor’s property. 

·        Title Exam – this is done in South Carolina through your closing attorney and needs to be done before a title is issued.  But I always recommend Owner’s Title Insurance so the buyer is covered in case something is missed during the title exam. 

 

Buying A Foreclosed Home in Sumter, SC Part 3 Creepy CrawlersIt is up the buyer to determine the extent of the home inspections to be completed.  For me personally on this home, I am having the Termite Inspection, Home Inspector and purchasing the Owner’s Title Insurance.  I am forgoing the appraisal as I know the property needs work and what that work will take off the full retail value of the property.  I am also not having the survey as I feel the subdivision has been around long enough there are no current disputes of the boundary and also no neighbor has any building near the lot lines of the property. 

 

Buying a Foreclosed Home in Sumter, SC is an ongoing series of posts, where I am purchasing a foreclosed property to turn into a rental income property.  Follow the posts below to experience the entire process with me. 

 

Buying a Foreclosed Home in Sumter, SC Part 1 – The Offer

Buying a Foreclosed Home In Sumter, SC Part 2 – The Counter Offer

Buying a Foreclosed Home in Sumter, SC Part 3 – The Inspections

Buying a Foreclosed Home in Sumter, SC Part 4 – Inspections with Electrical Power… Please Connect the Utilities

Buying a Foreclosed Home in Sumter, SC Part 5 – The Reason for Buying a Foreclosure

Buying a Foreclosed Home in Sumter, SC Part 6 – Breaking Even, Making Money or Having Instant Equity

Buying a Foreclosed Home in Sumter, SC Part 7 – What Kind of Windows are These?

Buying a Foreclosed Home in Sumter, SC Part 8 – What a Mess and I’m Not Talking About The House!

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Information and Content in this blog is original to Kim Peasley-Parker unless otherwise stated.

Kim Peasley-Parker, Sumter Real Estate

 

 

Kim Peasley-Parker

Realtor (R) /Shareholder

AgentOwned Realty Company

Heritage Group, Inc.

Cell 803-840-7519

Email: kim@agentownedrealty.com

 

 

 

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Home Buying
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South Carolina Sumter County
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AgentOwned Realty
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Rainer
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Kela Caspillo
Kauai Dreams Realty - Kapaa, HI
Kela Caspillo

This is a great post for a home buyer looking into buying a REO home! Have the REO's been slowing down in your area? They have been in Hawaii.

Oct 29, 2013 09:25 AM #1
Rainmaker
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Kim Peasley-Parker
AgentOwned Realty, Heritage Group, Inc. - Sumter, SC
Thank you Kela, our foreclosures have slowed some. There are three in this neighborhood that would make great investment properties which is what I'm purchasing this one for.
Oct 29, 2013 10:03 AM #2
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Rainmaker
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Kim Peasley-Parker

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